The Shareholders Foundation announces that a deadline is coming up on April 21, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Fuqi International Inc (NASDAQ: FUQI) between May 15, 2009 and March 27, 2011, inclusive, and a Subclass of all persons or entities who purchased or acquired Fuqi International Inc (NASDAQ: FUQI) common stock pursuant to or traceable to the Secondary Offering on or about July 22, 2009.
Investors who purchased a significant amount of shares of Fuqi International Inc (NASDAQ: FUQI) between May 15, 2009 and March 27, 2011 or in the Secondary Offering on or about July 22, 2009, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Fuqi International Inc (NASDAQ: FUQI) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/fuqi-international-inc-nasdaq-fuqi-investor-securities-class-action-lawsuit-03192010
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is April 21, 2015. The class action administrator for this case is Angeion Group.
The lawsuit was originally filed in in the U.S. District Court for the Southern District of New York against Fuqi International Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 15, 2009 and March 17, 2010.
According to the complaint the plaintiff alleges that Fuqi International Inc and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose between May 15, 2009 and March 17, 2010, material adverse facts about Fuqi International Inc’s true financial condition, business and prospects. Then on March 16, 2010, after the market closed, Fuqi International Inc issued a press release announcing its preliminary financial results for the fourth quarter ended December 31, 2009, and a delay in the filing of its Annual Report on Form 10-K. Fuqi International Inc explained that due to its accounting errors, “the cost of sales for each of the periods were understated and gross profit and net income, as a result, were accordingly overstated.” In response to these statements, on the next trading day, shares of the Fuqi International Inc’s stock (NASDAQ: FUQI) fell more than 37%, to close on March 17, 2010 at $11.90 per share.
Shares of Fuqi International Inc (NASDAQ: FUQI) traded recently at $10.30 per share, down from its 52weekHigh of $32.68 per share. Fuqi International Inc, located in China, is a designer of precious metal jewelry in China, developing, promoting, and selling a range of products in the Chinese luxury goods market. Fuqi International Inc’s products consist of a range of styles and designs made from gold and other precious metals, such as platinum and Karat gold (K-gold). Fuqi International Inc reported in 2007 Total Revenue of $145.56million with a Net Income of $13.52million and in 2008 Total Revenue of $367.61million with a Net Income of $27.88million.
Those who purchased shares of Fuqi International Inc (NASDAQ: FUQI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com